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Home»Business»Shawbrook makes offer for Co-op Bank, eyes fresh Metro Bank bid
Business

Shawbrook makes offer for Co-op Bank, eyes fresh Metro Bank bid

October 9, 2023No Comments2 Mins Read
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Signage is seen outside of a Metro Bank in London

Signage is seen outside of a Metro Bank in London, Britain, May 22, 2019. REUTERS/Hannah McKay/File Photo Acquire Licensing Rights

LONDON, Oct 8 (Reuters) – British specialist lender Shawbrook made an offer for rival Co-op Bank and is weighing a fresh bid for embattled Metro Bank (MTRO.L), people familiar with the matter told Reuters on Sunday.

Shawbrook, backed by private equity groups BC Partners and Pollen Street (POLNP.L), tabled an indicative bid for Co-op in recent days, said the people, who spoke on condition of anonymity.

Separately, Shawbrook is considering a potential new bid for London-listed Metro Bank after several failed approaches earlier in the year, the sources said.

There is no certainty that a transaction will materialise, they cautioned.

Shawbrook, Pollen Street and Co-op Bank declined to comment. BC Partners and Metro Bank could not immediately be reached for comment.

Metro Bank has seen its shares tumble after news emerged that it had hired advisers to shore up its balance sheet after failing to gain key capital relief from banking regulators.

The bank has been exploring options to raise up to 600 million pounds ($734.28 million) of capital through equity and debt injections and asset sales.

Britain’s Prudential Regulation Authority (PRA) is sounding out buyers over the weekend in hopes of finding a solution for ailing Metro Bank before markets open on Monday morning.

For Shawbrook, an acquisition of either Co-op or Metro Bank would give it greater scale as well as access to current deposit accounts, a cheaper source of funding for its loans than savings.

See also  Nomura quarterly profit doubles on Japanese stock market strength

Reuters previously reported that Co-op Bank’s owners had set an early October deadline for suitors.

($1 = 0.8171 pounds)

Reporting by Pablo Mayo Cerqueiro and Amy-Jo Crowley; additional reporting by Iain Whithers; Editing by Ros Russell

私たちの行動規範:トムソン・ロイター「信頼の原則」

Acquire Licensing Rights, opens new tab

As part of Reuters’ Deals team, Pablo covers equity and debt capital markets transactions across Europe, the Middle East and Africa, from initial public offerings to buyout financings. He previously worked at Mergermarket, Euromoney and Spanish digital media.
Contact: +447721821589

Bank bid coop eyes Fresh Metro Offer Shawbrook
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